CubeSmart (NYSE:CUBE) to Issue Quarterly Dividend of $0.52

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Shareholders of record on Tuesday, April 1st will be paid a dividend of 0.52 per share by the real estate investment trust on Tuesday, April 15th. This represents a $2.08 dividend on an annualized basis and a yield of 4.83%.

CubeSmart has raised its dividend by an average of 11.8% per year over the last three years and has raised its dividend every year for the last 15 years. CubeSmart has a payout ratio of 116.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CubeSmart to earn $2.69 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 77.3%.

CubeSmart Price Performance

Shares of CUBE stock traded down $0.16 during trading hours on Wednesday, hitting $43.07. The company had a trading volume of 83,120 shares, compared to its average volume of 1,471,892. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 24.37, a PEG ratio of 11.58 and a beta of 0.87. CubeSmart has a 12 month low of $39.80 and a 12 month high of $55.14. The firm’s fifty day moving average is $41.89 and its 200 day moving average is $47.15.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Royal Bank of Canada dropped their price objective on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company lowered their target price on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CubeSmart from a “sell” rating to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Friday, January 10th. Truist Financial raised shares of CubeSmart from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Finally, Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and reduced their target price for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $49.18.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.